question archive Two drivers, Tom and Jerry, each drive up to a gas station
Two drivers, Tom and Jerry, each drive up to a gas station
Subject:EconomicsPrice:2.88 Bought3
Two drivers, Tom and Jerry, each drive up to a gas station. Without looking at the price of gas, each one places an order with the pump attendant. Tom says, I'd like 10 gallons of gas. Jerry says, I'd like $10 of gas.
What is each driver's price elasticity of demand for gas?
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